Bed Bath & Beyond (BBBY) is giving its turnaround CEO the boot after delivering anything but a turnaround.
The struggling retailer said Wednesday CEO Mark Tritton is leaving the company and the board, effective immediately. Board member and retail veteran Sue Gove is taking over the retailer on an interim basis.
Bed Bath & Beyond declined to make Gove available to Yahoo Finance for an interview.
The decision to remove Tritton — who was brought in back in 2019 after a very successful operation stint at Target (TGT) — comes after another disastrous quarter for the the company.
Bed Bath saw same-store sales crash 27% at its namesake brand as shoppers pulled back on discretionary purchases while also shunning a more upscale push with fewer coupons at the company. Adjusted operating profits came in at a loss $224 million.
The company ended the quarter with a worrisome $107 million in cash, and promised it was in active searches for a permanent CEO. The company also hinted at a potential sale of its baby business, buybuy BABY.
Shares fell 18% in early trading. Shares of Bed, Bath & Beyond, which more than tripled during the meme market of late 2020 and early 2021, are down over 80% from highs reached in early ’21.
Loop Capital analyst told Yahoo Finance Live the company is in a “death spiral” and may go out of business in under a year.
Brian Sozzi is an editor-at-large and anchor at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.
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